Scott Olson/Getty Images News
Cowen reiterated a bullish view on Sweetgreen (NYSE:SG) after meeting with management.
Analyst Andrew Charles and team said they remain confident on SG's path to profitability as well as ambitions to double store presence in three years to around 330 locations and reach 1,000 locations by 2030.
"While we expect 2H22 comps to be a function of return to office, which appears promising post-Labor Day, we are excited about the loyalty program launch in 1H23 given SG's digital & data savviness that should further strengthen post launch."
Looking ahead, Charles said the firm is most optimistic about SG growing the owned digital sales mix, which is noted to benefit from both ticket and transactions. SG is also seeb growing brand awareness as the category leader in the salad category.
Cowen has an Outperform rating on Sweetgreen (SG) and price target of $23.
Wall Street analyst scorecard on Sweetgreen: 7 Buy-equivalent ratings or higher, 2 Hold-equivalent ratings, and no Sell-equivalent ratings.